Wesdome Announces 2019 Second Quarter Production of 22,437 Ounces of Gold Produced
Wesdome Announces 2019 Second Quarter Production of 22,437 Ounces of
Gold Produced
TORONTO, July 10, 2019 -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”) today announces its gold
production results for the second quarter of 2019 (“Q2”).
Mr. Duncan Middlemiss, President and CEO commented, “Second quarter production was much stronger than originally
anticipated due to the 303 lens continuing to outperform on both budgeted grade and tonnes. In Q2, this lens averaged a
mucked grade of 41.1 grams per tonne, and we expect this strong performance to continue from this area in the second half of
the year. Year to date production of 41,446 ounces has exceeded the upper end of our first half guidance range (35,000
ounces) by 18%. We are maintaining H2 2019 guidance of 41,000 – 45,000 ounces. The low end of this range will result in
forecast production slightly exceeding the top end of our annual guidance range of 80,000 ounces.”
Amounts are denominated in Canadian dollars Second Quarter Year-to-Date
2019 2018 Variance % +/(-) 2019 2018 Variance % +/(-)
Ore milled (tonnes)
Eagle River 28,754 43,378 (14,624) (34%) 59,695 87,858 (28,163) (32%)
Mishi 18,623 25,233 (6,610) (26%) 37,093 58,079 (20,986) (36%)
47,377 68,610 (21,233) (31%) 96,788 145,937 (49,149) (34%)
Head grade (grams per tonne, “g/t”)
Eagle River 23.4 11.0 12.4 113% 20.9 11.5 9.4 81%
Mishi 3.0 2.7 0.3 11% 2.6 2.2 0.4 20%
Gold production (ounces)
Eagle River 20,873 14,767 6,106 41% 38,828 31,166 7,662 25%
Mishi 1,564 1,860 (296) (16%) 2,618 3,411 (793) (23%)
Total Gold Production 22,437 16,628 5,809 35% 41,446 34,576 6,870 20%
Production sold (ounces) 24,113 18,573 5,540 30% 42,873 34,003 8,870 26%
Revenue from gold sales
($ millions) $42.2 $31.4 $10.8 34% $74.7 $57.6 $17.1 30%
Average realized price
per ounce 2 $1,752 $1,692 $60 4% $1,743 $1,694 $49 3%
Notes:
1. Operating numbers may not add due to rounding.
2. Average realized price per ounce is a non-GAAP measure and is calculated by dividing the reported revenue from gold
sales by the number of ounces sold for a given period.
ABOUT WESDOME
Wesdome Gold Mines has had over 30 years of continuous gold mining operations in Canada. The Company is 100%
Canadian focused with a pipeline of projects in various stages of development. The Eagle River Complex in Wawa, Ontario is
currently producing gold from two mines, the Eagle River Underground Mine and the Mishi Open pit, from a central mill.
Wesdome is actively exploring its brownfields asset, the Kiena Complex in Val d’Or, Quebec. The Kiena Complex is a fully
permitted former mine with a 930-metre shaft and 2,000 tonne-per-day mill. The Company has further upside at its Moss Lake
gold deposit, located 100 kilometres west of Thunder Bay, Ontario. The Company has approximately 136.5 million shares
issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.
For further information, please contact:
Duncan Middlemiss or Lindsay Carpenter Dunlop
President and CEO VP Investor Relations
416-360-3743 ext. 2029 416-360-3743 ext. 2025
[email protected] [email protected]
220 Bay St. East, Suite 1200
Toronto, ON, M5J 2W4
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
Website: www.wesdome.com
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to
the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking
statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or
state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-
looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date
of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result
of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The
Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or
opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements. The Company has included in this news release certain non-IFRS performance
measures, including, but not limited to, mine operating profit, mining and processing costs and cash costs. Cash costs per
ounce reflect actual mine operating costs incurred during the fiscal period divided by the number of ounces produced. These
measures are not defined under IFRS and therefore should not be considered in isolation or as an alternative to or more
meaningful than, net income (loss) or cash flow from operating activities as determined in accordance with IFRS as an
indicator of our financial performance or liquidity. The Company believes that, in addition to conventional measures prepared in
accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate
cash flow.
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